Word: bowleses
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Bowles said he objects to the theory's treatment of labor "as a commodity," to be bought and sold at will.
"Labor is not bought and sold," Bowles said, "what is bought and sold is labor power. This exchange is not a mechanical relation and is not court-enforceable."
Samuel S. Bowles, professor of Economics at UMass at Amherst, lecturing on political economy before an audience of 150 persons in Emerson Hall, criticized the human capital perspective of neoclassical economic theory on the grounds that it is "not a useful guide to policy."
"The theory understates the seriousness of social problems, it underestimates the capacity of society to solve these problems, and it depreciates the possibility of creating a better society through its depiction of human nature and the nature of technology," Bowles stated.
Yet, both the formation of the Arrow Committee to review curriculum, and the department's pledge to hire a Marxist economist as a junior faculty member, were in response to angry student pressure--mainly among graduate students--following the refusal of Economics to grant tenure to Associate Professor Samuel Bowles...